LIC MF ELSS Tax Saver Fund vs Nippon India Flexi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
LIC MF ELSS Tax Saver Fund is an ELSS fund and Nippon India Flexi Cap Fund is a Flexi Cap fund. In the 3 years to 30-10-2026, LIC MF ELSS Tax Saver Fund (Direct) returned 9.0% a year and Nippon India Flexi Cap Fund (Direct) returned 9.1% a year. LIC MF ELSS Tax Saver Fund charges 1.32% a year and Nippon India Flexi Cap Fund 0.66% (Direct plans). Their portfolios overlap 38.6%: they hold 20 of the same securities.
LIC MF ELSS Tax Saver Fund
ELSS
- 3 year return
- 9.0%
- Expense ratio
- 1.32%
- NAV
- ₹161.55
Nippon India Flexi Cap Fund
Flexi Cap
- 3 year return
- 9.1%
- Expense ratio
- 0.66%
- NAV
- ₹16.77
Which is better, LIC MF ELSS Tax Saver or Nippon India Flexi Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Nippon India Flexi Cap returned more over 5 years: 9.4% a year against 7.9%.
- Nippon India Flexi Cap returned more over 3 years: 9.1% a year against 9.0%.
- Nippon India Flexi Cap costs less: 0.66% a year against 1.32% (Direct plans).
- LIC MF ELSS Tax Saver swung less over 3 years: a standard deviation of 13.7% a year against 14.5%.
- LIC MF ELSS Tax Saver fell less in its worst fall since 18-08-2021: −18.1% against −19.8%.
- Nippon India Flexi Cap holds more in large companies: 62.9% of the fund in large caps against 51.3%.
- Nippon India Flexi Cap is the larger fund: ₹9,214 Cr against ₹972 Cr.
- Their portfolios overlap 38.6%: 20 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | LIC MF ELSS Tax Saver Fund | Nippon India Flexi Cap Fund |
|---|---|---|
| Fund house | LIC Mutual Fund | Nippon India Mutual Fund |
| Category | ELSS | Flexi Cap |
| AUM | ₹972 Cr (30-09-2026) | ₹9,214 Cr (30-09-2026) |
| NAV | ₹161.55 (Direct) | ₹16.77 (Direct) |
| Expense ratio (Direct) | 1.32% | 0.66% |
| Expense ratio (Regular) | 2.48% | 1.85% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 31-03-1997 | 13-08-2021 |
| Minimum investment | ₹500 | ₹500 |
| Lock in | 3 years | None |
| Fund managers | Sumit Bhatnagar, Nikhil Kapoor | Meenakshi Dawar, Dhrumil Shah |
| Exit load | Nil | Exit load for units in excess of 10% of the investment,1% will be charged for redemption within 365 days |
LIC MF ELSS Tax Saver vs Nippon India Flexi Cap: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| LIC MF ELSS Tax Saver Fund (Direct) | −2.39% | −6.01% | −1.32% | −9.41% | +9.01% | +7.88% | +11.61% |
| Nippon India Flexi Cap Fund (Direct) | −2.31% | −6.36% | −2.62% | −7.62% | +9.10% | +9.40% | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | -- |
Category average: the average of the 50 ELSS funds and the 46 Flexi Cap funds, same plan type.
LIC MF ELSS Tax Saver vs Nippon India Flexi Cap: Year-wise Returns
| Year | LIC MF ELSS Tax SaverLIC MF ELSS Tax Saver | Nippon India Flexi CapNippon India Flexi Cap | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −8.72% | −6.70% | −7.51% |
| 2025 | +2.04% | +3.90% | +7.76% |
| 2024 | +24.20% | +16.94% | +16.24% |
| 2023 | +27.57% | +34.89% | +26.91% |
| 2022 | −0.52% | +0.74% | +4.25% |
| 2021 | +27.84% | -- | +31.60% |
LIC MF ELSS Tax Saver vs Nippon India Flexi Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 543 of them, one for each trading day from 19-08-2024 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
LIC MF ELSS Tax Saver Fund (Direct)
Nippon India Flexi Cap Fund (Direct)
Nifty 500 TRI
to
Oct 2024Mar 2022
to
Mar 2025Jul 2022
to
Jul 2025Dec 2022
to
Dec 2025Apr 2023
to
Apr 2026Aug 2023
to
Aug 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LIC MF ELSS Tax Saver | 0.0 | 0.0 | 5.9 | 32.2 | 55.4 | 6.4 | 0.0 | 15.4% | 15.9% | 7.7% | 22.5% | 52% |
| Nippon India Flexi Cap | 0.0 | 0.0 | 4.6 | 28.9 | 55.1 | 11.4 | 0.0 | 16.2% | 16.7% | 8.4% | 22.7% | 87% |
| Nifty 500 TRI | 0.0 | 0.0 | 3.5 | 34.8 | 55.8 | 5.9 | 0.0 | 15.5% | 15.6% | 8.8% | 22.3% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is Nifty 500 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 18-08-2021. Past returns do not promise future returns.
LIC MF ELSS Tax Saver vs Nippon India Flexi Cap: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 02-08-2021 to 30-10-2026: 63 instalments, ₹6,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| LIC MF ELSS Tax SaverLIC MF ELSS Tax Saver Fund (Direct) | ₹6,30,000 | ₹7,53,483 | ₹1,23,483 | 6.8% |
| Nippon India Flexi CapNippon India Flexi Cap Fund (Direct) | ₹6,30,000 | ₹7,74,762 | ₹1,44,762 | 7.8% |
LIC MF ELSS Tax SaverLIC MF ELSS Tax Saver Fund (Direct)
Nippon India Flexi CapNippon India Flexi Cap Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
LIC MF ELSS Tax Saver vs Nippon India Flexi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | LIC MF ELSS Tax Saver Fund (Direct) | Nippon India Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.41% | −7.62% |
| Standard deviation | 14.75% | 15.01% |
| Sharpe ratio | -0.99 | -0.86 |
| Sortino ratio | -1.32 | -1.14 |
| Maximum drawdown | −16.1% (31-03-2026) | −15.0% (30-03-2026) |
| Beta | 0.99 | 1.03 |
| Alpha | −2.17% | +0.10% |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | LIC MF ELSS Tax Saver Fund (Direct) | Nippon India Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.01% | +9.10% |
| Standard deviation | 13.69% | 14.53% |
| Sharpe ratio | 0.22 | 0.21 |
| Sortino ratio | 0.30 | 0.28 |
| Maximum drawdown | −17.4% (31-03-2026) | −19.8% (28-02-2025) |
| Beta | 0.92 | 1.00 |
| Alpha | −0.86% | −1.13% |
From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | LIC MF ELSS Tax Saver Fund (Direct) | Nippon India Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.88% | +9.40% |
| Standard deviation | 13.67% | 14.70% |
| Sharpe ratio | 0.15 | 0.25 |
| Sortino ratio | 0.20 | 0.33 |
| Maximum drawdown | −17.8% (17-06-2022) | −19.8% (28-02-2025) |
| Beta | 0.91 | 1.00 |
| Alpha | −0.68% | +0.58% |
From daily NAVs, 29-10-2021 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | LIC MF ELSS Tax Saver Fund (Direct) | Nippon India Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.90% | +10.27% |
| Standard deviation | 14.94% | 14.60% |
| Sharpe ratio | 0.46 | 0.31 |
| Sortino ratio | 0.62 | 0.42 |
| Maximum drawdown | −35.7% (23-03-2020) | −19.8% (28-02-2025) |
| Beta | 0.91 | 1.00 |
| Alpha | +0.74% | +0.33% |
From daily NAVs, 02-01-2013 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
LIC MF ELSS Tax Saver Fund (Direct)
Nippon India Flexi Cap Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| LIC MF ELSS Tax Saver Fund (Direct) | −18.1% | 18-10-2021 | 17-06-2022 | 25-05-2023 | 11 months | −11.0% |
| Nippon India Flexi Cap Fund (Direct) | −19.8% | 23-09-2024 | 28-02-2025 | Not yet | -- | −10.6% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 18-08-2021, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
LIC MF ELSS Tax Saver Fund (Direct)
Nippon India Flexi Cap Fund (Direct)
Nifty 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
LIC MF ELSS Tax Saver Fund (Direct)
Nippon India Flexi Cap Fund (Direct)
Nifty 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
LIC MF ELSS Tax Saver Fund (Direct)
Nippon India Flexi Cap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| LIC MF ELSS Tax Saver Fund (Direct) | 89% | 88% | 5.11% |
| Nippon India Flexi Cap Fund (Direct) | 98% | 93% | 3.48% |
From month-end values since 18-08-2021. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
LIC MF ELSS Tax Saver vs Nippon India Flexi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: LIC MF ELSS Tax Saver Fund, September 2026; Nippon India Flexi Cap Fund, September 2026
Holdings in common
- Overlap
- 38.6%
- Held by both
- 20
- Only in LIC MF ELSS Tax Saver
- 34
- Only in Nippon India Flexi Cap
- 65
| Security | % of LIC MF ELSS Tax Saver | % of Nippon India Flexi Cap |
|---|---|---|
| ICICI Bank Ltd. | 8.21% | 7.07% |
| HDFC Bank Ltd. | 4.94% | 5.84% |
| Axis Bank Ltd. | 4.32% | 3.91% |
| Larsen & Toubro Ltd. | 2.42% | 2.64% |
| Eternal Ltd. | 2.60% | 2.21% |
| State Bank of India | 3.16% | 1.99% |
| Kirloskar Oil Engines Ltd. | 2.17% | 1.98% |
| Mahindra & Mahindra Ltd. | 1.98% | 2.36% |
| Samvardhana Motherson International Ltd. | 1.59% | 2.28% |
| Torrent Pharmaceuticals Ltd. | 2.07% | 1.40% |
| Mankind Pharma Ltd. | 1.24% | 1.87% |
| VARUN BEVERAGES LIMITED | 1.42% | 1.15% |
| Trent Ltd. | 1.77% | 1.06% |
| Multi Commodity Exchange Of India Ltd. | 1.04% | 1.14% |
| Apollo Hospitals Enterprise Ltd. | 1.05% | 0.88% |
| Maruti Suzuki India Ltd. | 0.87% | 1.35% |
| Cholamandalam Investment & Fin Co Ltd. | 3.51% | 0.85% |
| Sun Pharmaceutical Industries Ltd. | 1.29% | 0.76% |
| Delhivery Ltd. | 1.18% | 0.69% |
| Brigade Enterprises Ltd. | 1.41% | 0.53% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 38.6% means 38.6% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in LIC MF ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| SML Mahindra Ltd. | 4.01% |
| SRF Ltd. | 2.84% |
| INDO-MIM Ltd. | 2.61% |
| Abbott India Ltd. | 2.07% |
| Star Cement Ltd. | 2.05% |
Largest holdings only in Nippon India Flexi Cap Fund
| Security | % of fund |
|---|---|
| Reliance Industries Limited | 3.39% |
| Bajaj Finance Limited | 1.94% |
| Bharti Airtel Limited | 1.90% |
| Radico Khaitan Limited | 1.90% |
| Jindal Steel Limited | 1.67% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | LIC MF ELSS Tax Saver | Nippon India Flexi Cap |
|---|---|---|
| Equity | 97.7% | 99.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.3% | 1.0% |
Market cap of stocks
| Market cap | LIC MF ELSS Tax Saver | Nippon India Flexi Cap |
|---|---|---|
| Large Cap | 51.3% | 62.9% |
| Mid Cap | 16.2% | 21.4% |
| Small Cap | 27.4% | 14.6% |
| Not on AMFI's list | 2.8% | 0.1% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | LIC MF ELSS Tax Saver | Nippon India Flexi Cap |
|---|---|---|
| Banks | 20.6% | 21.0% |
| Pharmaceuticals & Biotechnology | 9.6% | 5.5% |
| Retailing | 4.4% | 8.2% |
| Automobiles | 8.2% | 3.7% |
| Finance | 5.5% | 4.2% |
| IT - Software | 3.1% | 5.5% |
| Chemicals & Petrochemicals | 4.8% | 0.0% |
| Auto Components | 4.5% | 3.5% |
| Petroleum Products | 0.0% | 4.4% |
The six largest sectors of each fund's stocks, % of the fund.
LIC MF ELSS Tax Saver vs Nippon India Flexi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | LIC MF ELSS Tax Saver Fund | Nippon India Flexi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.32% | 0.66% |
| Base expense ratio (Direct) | 0.92% | 0.48% |
| Total expense ratio (Regular) | 2.48% | 1.85% |
| Base expense ratio (Regular) | 1.95% | 1.52% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare LIC MF ELSS Tax Saver with
LIC MF ELSS Tax Saver Fund vs Nippon India Flexi Cap Fund: Frequently Asked Questions
What is the difference between LIC MF ELSS Tax Saver Fund and Nippon India Flexi Cap Fund?
LIC MF ELSS Tax Saver Fund is an ELSS fund, Nippon India Flexi Cap Fund is a Flexi Cap fund, run by LIC Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 38.6%. LIC MF ELSS Tax Saver Fund charges 1.32% a year and Nippon India Flexi Cap Fund 0.66%.
Which has given higher returns, LIC MF ELSS Tax Saver Fund or Nippon India Flexi Cap Fund?
Over 1 year: LIC MF ELSS Tax Saver Fund −9.41%, Nippon India Flexi Cap Fund −7.62%. Over 3 years: LIC MF ELSS Tax Saver Fund +9.01% a year, Nippon India Flexi Cap Fund +9.10% a year. Over 5 years: LIC MF ELSS Tax Saver Fund +7.88% a year, Nippon India Flexi Cap Fund +9.40% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, LIC MF ELSS Tax Saver Fund or Nippon India Flexi Cap Fund?
Nippon India Flexi Cap Fund charges less: 0.66% a year against 1.32%. These are the Direct plans' total expense ratios reported to AMFI.
How much do LIC MF ELSS Tax Saver Fund and Nippon India Flexi Cap Fund overlap?
38.6%. They hold 20 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, LIC MF ELSS Tax Saver Fund or Nippon India Flexi Cap Fund?
On SEBI's riskometer, LIC MF ELSS Tax Saver Fund is rated Very High and Nippon India Flexi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 13.69% and 14.53% a year.
Which is better for SIP, LIC MF ELSS Tax Saver Fund or Nippon India Flexi Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,22,243 in LIC MF ELSS Tax Saver Fund (XIRR 6.6% a year) and ₹7,41,931 in Nippon India Flexi Cap Fund (XIRR 7.6% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both LIC MF ELSS Tax Saver Fund and Nippon India Flexi Cap Fund?
Yes. 38.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages LIC MF ELSS Tax Saver Fund and Nippon India Flexi Cap Fund?
LIC MF ELSS Tax Saver Fund: Sumit Bhatnagar, Nikhil Kapoor. Nippon India Flexi Cap Fund: Meenakshi Dawar, Dhrumil Shah.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.